Baltimore software development consultant SmartLogic will offer startups product development and mentorship as an alternative to funding, hoping to continue Baltimore’s development as a hub for tech startups.
SmartLogic values the product development and mentorship at $400,000. Companies have to be in Baltimore to access it.
“We see this as a way to codify the processes that we use to make it easier for companies to develop great software, and make them replicable,” Yair Flicker, SmartLogic’s president, said in a statement. “We want to accelerate companies in a way that helps them reach their next milestones and raise the investment they need to succeed.”
SmartLogic calls the program SmartVentures. After an announcement Tuesday morning, the program has already started receiving applications.
SmartVentures is looking for companies who are already past the initial market validation and prototyping stages and are ready to take their product to scale.
The program’s application period runs through August 15, with the announcement of the companies selected for the first round of the program by October.
SmartVentures works as a 6-18 month intensive partnership with the companies, growing the startups to their next benchmark goal.
“Finding the right expertise, mentors and hires to build the product the right way, the first time, with the least amount of technical debt, is a failure-point most founders don’t know they’ve hit until they’ve poured thousands of hours into developing something that won’t ever take them to scale,” Margaret Roth, SmartVentures’ program director, said in a statement. “With SmartVentures, we’ll help companies bypass this while still learning the lessons they need to take with them.”